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December 28, 2004

Far East Telecommunications Company has sold a minority stake in JSCB “Primorye”

VLADIVOSTOK, December 28, 2004 - Open Joint Stock Company “Far East Telecommunications Company” (US ADR: FEEOY), the leader on the telecommunications market of the Russian Far East, today announces that on December, 23, 2004 it sold 8,245 present shareholding in JSCB “Primorye” to CJSC “Consulting company “IVENT””.

Minority stake was sold by FETEC for 4.5 million rubles (159 thousand USD)*.

Joint-Stock commercial bank “Primorye” offers banking services at Primorsky region since July 27, 1994. Bank had been incorporated by February 25, 2000. Since 2000 to 2003 it did not make dividend payments.

As Corporate Governance Officer Alexey Skrylnikov said, Far East Telecommunications Company implements maximizing profitability strategy of using capital expenditures. FETEC is planning to sell all nonspecialized assets which profitability is lower than total company’s assets. Cash from this selling will be used to finance company’s projects with higher rate of profitability.

• One US dollar equals to 28.4144 rubles (RF Central Bank rate of 25 November, 2004).

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To receive more information contact Investor Relation Department: tel. +7(4232) 208-500, ext. 1306 or e-mail to: ir@dsv.ru;

About the company: Open Joint Stock Company “Far East Telecommunications Company” (Dalsvyaz in Russia) is the leader on the telecommunications market on the Russian Far East. Its licensed area covers the territory of 2,000 thou sq km with population over 5.6 million people. Dalsvyaz owns 87% of local, 81% of long-distance and international communications, 72% of Internet market, 100% of cellular market in the region of Magadan Region and 50% of cellular market in Kamchatka Region. FETEC OJSC is the subsidiary of Svyazinvest OJSC, which holds 38% of company’s share capital. In addition to RTS and MICEX, company’s shares are traded on the over-the-counter market of USA (ADR of the 1st level). To see more information about ADR, please, visit www.adr.com. Company’s official web site is www.dsv.ru.

The forward-looking information, which is included in this news-release, are the statements, made pursuant to the “safe-harbor” provisions of the Private Securities Litigation Reform Act of 1995. The news release contains information about the future events and financial results, estimated by the Company in the future. These statements involve a number of risks and uncertainties. Among the factors that could cause future results include: deterioration of economy; changes of the laws, which are currently in force; increase in dependence on “Rostelecom”, OJSC, concerning the questions of proportion establishment, according to which the payment for international and long-distance traffic is divided: changes in rate of currency exchange; changes in percentage rates; changes in prices for raw materials and services, used by the issuer; changes in political situation in the country; military conflicts and cases of emergency; impossibility to continue the license for carrying out activity. The more detailed description of risks and uncertainties of the company you can find in the quarterly and annual reports of “FETEC”, OJSC. The majority of the mentioned factors are beyond the control or the possibility of forecasting on the Company’s behalf. Taking onto consideration all the above-mentioned information, the Company does not recommend to rely upon any forward-looking statements, included into this news release. The Company does not commit itself to disclosing any changes to this news release with the aim to show the events or circumstances, which took place after the date of this news release, or with the aim o show the unforeseen events, with the exception of the cases when this disclosure is required in accordance to the Private Securities Litigation Reform Act of 1995.




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